Essay
Morrill Law Offices had the following transactions in November,2012.Prepare closing entries followed by an income statement for Morrill Law Offices for the month ending November 30,2012.
1.Morrill Law Offices sold $210,000 worth of services.Two-thirds was collected in November with the remainder collected in December.
2.The company paid wages of $53,000 to its employees.
3.The company paid utilities of $750 to Brenton Electric Company.
4.The company's prepaid rent account expired in the month of November.Morrill Law Offices purchased an additional 3 months of rent on October 1,2012 for $3,600.The landlord did not increase rent for Morrill Law Offices.
5.A declaration of dividends for $3,200 occurred on November 1,2012.
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